USDCHF Analysis – Dec 13, 2008

USDCHF breaks below 1.1828 support, suggesting that a cycle top has been formed at 1.2296 on daily chart. Deeper decline is still possible to 1.1600 zone next week. However, the fall from 1.2296 is treated as correction to long term up trend, rebound would more likely be seen after touching 1.1600 level.

For long term analysis, USDCHF remains in long term bullish movement. Further rise is still possible to 1.3000 zone in next several weeks.

usdchf daily chart